The Report ranked "financial
abuse" as among the leading mistreatment suffered by adults age 60 and
above compromising 30% of Pennsylvania's adult protective services abuse claims
and costing $2.9 billion annually.
The Report's recommendations for
reducing elder financial abuse include requiring financial institutions to take
an active role.
After noting that they're
often in the best position to detect, report, and prevent elder financial abuse,
the Report recommended that financial institutions be:
R designated as mandatory reporters of suspected elder
abuse (like in Maryland and other states);
R required to provide training, in conformance with
state-mandated standards, for employees processing elder customers transactions;
and
R provided with the authority to hold transactions for
five (5) days, during which time the institution would report the suspicious
activity and determine whether to permit the transaction.
The Report urges following
Maryland, which has some of the most stringent elder financial reporting laws
in the country (including both an oral and written notification requirement),
for both reporting suspected elder abuse and providing mandatory employee training.
Though the Report's recommendations,
including the requirements imposed on financial institutions, require
legislative action before becoming binding, financial institutions should be
preparing elder abuse prevention and reporting programs to comply with
heightened state and federal interest.
